Credo Technology Group (NASDAQ:CRDO) Shares Up 1.6% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 1.6% during trading on Friday . The stock traded as high as $164.80 and last traded at $162.95. 5,780,636 shares were traded during trading, a decline of 22% from the average session volume of 7,400,539 shares. The stock had previously closed at $160.31.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Susquehanna lifted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Barclays increased their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Evercore set a $292.00 price objective on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.39.

Credo Technology Group Price Performance

The company’s 50-day simple moving average is $223.25 and its 200-day simple moving average is $190.60. The company has a market cap of $30.56 billion, a price-to-earnings ratio of 57.86, a P/E/G ratio of 0.67 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. During the same quarter in the previous year, the business posted $0.52 EPS. The firm’s revenue was up 114.7% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity

In other news, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.33, for a total value of $10,666,500.00. Following the sale, the chief operating officer owned 300,000 shares in the company, valued at $63,999,000. The trade was a 14.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 313,074 shares of company stock worth $71,827,816. 9.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in Credo Technology Group by 2.2% in the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares in the last quarter. TimesSquare Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.5% in the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after buying an additional 13,881 shares in the last quarter. Corsair Capital Management L.P. bought a new stake in shares of Credo Technology Group during the 1st quarter worth $469,000. Lazard Asset Management LLC grew its holdings in shares of Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after acquiring an additional 23,949 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Credo Technology Group by 68.4% during the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after purchasing an additional 13,859 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.